Central Banking Journal
Risk management technology provider of the year: OpenLink
Its versatility of infrastructure has allowed OpenLink to thrive in a changing technological environment to meet new central banking demands
Transparency award: Sveriges Riksbank
Sveriges Riksbank, the Swedish central bank, plays a pioneering role in central bank openness and clear communications
Has the global financial crisis dented central bank independence?
Grace Koshie looks at the post-crisis role of central banks, examining issues of fiscal dominance and weaker policy freedom in an increasingly inter-connected world demanding ever-greater transparency
Central bankers face tough monetary policy dilemmas
Central bankers around the world need to rethink their approaches to monetary policy
OECD’s William White fears global economic system is still highly unstable
William White tells Christopher Jeffery he is wary of placing too much reliance on the ‘science’ of monetary or regulatory policy. He also believes the world economic system is still out of balance
Monetary policy is the incorrect tool to curb asset bubbles
There is no evidence the use of monetary policy in Sweden to keep household debt in check actually works. Such a policy only undermines employment and results in the Riksbank breaching its mandate
Kazakhstan’s integration of alternative assets into its reserves management
Resource-rich Kazakhstan has embraced alternatives through the creation of a new fund to drive returns and improve diversification of its foreign reserves. Yeszhan Birtanov reports
Developing countries focused on financial inclusion are reshaping central banking
Efforts in developing and emerging economies to promote financial inclusion for the world’s 2.5 billion unbanked population offer lessons to their developed world peers
New central bank mandates raise operational challenges
Central bankers face a raft of policy and operational challenges as their institutions take on new mandates and expanded responsibilities. By Martina Horáková, Tristan Carlyle and Arvid Ahlund
ECB to relax CCBM collateral deposit rules from May 2014
Benoît Cœuré says the rule change will pave the way for support of cross-border, tri-party collateral management services from September next year; warns Sepa deadline looks tight for many
Turning forward guidance into 20:20 vision
The Bank of England’s vision of forward guidance is incomplete and could shake confidence in the central bank’s policy framework.
A turning point for Greece and the euro
The seeds of Greece’s financial crisis are also present in many other modern democracies, writes Herbert Grubel. Currency union offers a politically expedient way to prevent such crises
Reserve accumulation enhances welfare if coupled with capital controls
Foreign reserve accumulation is part and parcel of a growth strategy based on strong capital investment in a financially constrained economy, according to a Banque de France research paper
Rajan faces daunting challenges as he takes over as RBI governor
Raghuram Rajan faces a raft of monetary policy, governance and financial stability challenges when he takes over as governor of the Reserve Bank of India next week, writes Hugh Sandeman
Getting to grips with monetary policy?
Global co-operation on monetary policy remains out of reach
Europe could learn from Germany’s macro-prudential approach
Germany’s approach to macro-prudential oversight could offer insights into how to democratise ‘hard’ policy tools and enshrine independence at a time when more power is being transferred to the ECB
Central bankers should be wary of their political bargain with government
Central bankers appear ‘spellbound’ by governments keen to give them new regulatory powers despite concerns about their ability to deliver either stable monetary or financial policy in the future
ECB conflicted by Cyprus bail-in
The ECB’s failure to secure a bail-out for the Cypriot banking system changes the template for sovereign rescue in the eurozone. It also has implications for a central bank that appears conflicted
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
Central Bank of Peru’s Julio Velarde on the impact of Fed tapering
Peru is more insulated against shocks to its financial system than in the past but managing uncertainty has never been tougher, Central Bank of Peru governor Julio Velarde, tells Christopher Jeffery